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FULLER H B CO（FUL）与EPLUS INC（PLUS）财务数据对比。点击上方公司名可切换其他公司
FULLER H B CO的季度营收约是EPLUS INC的1.5倍（$892.0M vs $614.8M），FULLER H B CO净利率更高（7.5% vs 5.7%，领先1.8%），EPLUS INC同比增速更快（20.3% vs -2.8%），过去两年FULLER H B CO的营收复合增速更高（5.0% vs 2.3%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
FUL vs PLUS — 直观对比
营收规模更大
FUL
是对方的1.5倍
$614.8M
营收增速更快
PLUS
高出23.1%
-2.8%
净利率更高
FUL
高出1.8%
5.7%
两年增速更快
FUL
近两年复合增速
2.3%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $614.8M |
| 净利润 | $67.2M | $35.1M |
| 毛利率 | 32.0% | 25.8% |
| 营业利润率 | 12.3% | 7.1% |
| 净利率 | 7.5% | 5.7% |
| 营收同比 | -2.8% | 20.3% |
| 净利润同比 | 21.3% | 45.2% |
| 每股收益（稀释后） | $1.22 | $1.33 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FULPLUS
| Q4 25 | — | $614.8M | ||
| Q3 25 | $892.0M | $608.8M | ||
| Q2 25 | $898.1M | $637.3M | ||
| Q4 24 | — | $493.2M | ||
| Q3 24 | $917.9M | $493.4M | ||
| Q2 24 | — | $535.7M | ||
| Q1 24 | $810.4M | — | ||
| Q4 23 | $902.9M | $509.1M |
净利润FULPLUS
| Q4 25 | — | $35.1M | ||
| Q3 25 | $67.2M | $34.9M | ||
| Q2 25 | $41.8M | $37.7M | ||
| Q4 24 | — | $24.1M | ||
| Q3 24 | $55.4M | $31.3M | ||
| Q2 24 | — | $27.3M | ||
| Q1 24 | $31.0M | — | ||
| Q4 23 | $45.0M | $27.3M |
毛利率FULPLUS
| Q4 25 | — | 25.8% | ||
| Q3 25 | 32.0% | 26.6% | ||
| Q2 25 | 31.9% | 23.3% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | 30.0% | 25.8% | ||
| Q2 24 | — | 23.7% | ||
| Q1 24 | 29.5% | — | ||
| Q4 23 | 30.3% | 26.3% |
营业利润率FULPLUS
| Q4 25 | — | 7.1% | ||
| Q3 25 | 12.3% | 8.0% | ||
| Q2 25 | 11.1% | 5.7% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | 11.4% | 5.5% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | 8.3% | — | ||
| Q4 23 | 12.6% | 7.5% |
净利率FULPLUS
| Q4 25 | — | 5.7% | ||
| Q3 25 | 7.5% | 5.7% | ||
| Q2 25 | 4.7% | 5.9% | ||
| Q4 24 | — | 4.9% | ||
| Q3 24 | 6.0% | 6.3% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | 3.8% | — | ||
| Q4 23 | 5.0% | 5.4% |
每股收益（稀释后）FULPLUS
| Q4 25 | — | $1.33 | ||
| Q3 25 | $1.22 | $1.32 | ||
| Q2 25 | $0.76 | $1.43 | ||
| Q4 24 | — | $0.91 | ||
| Q3 24 | $0.98 | $1.17 | ||
| Q2 24 | — | $1.02 | ||
| Q1 24 | $0.55 | — | ||
| Q4 23 | $0.80 | $1.02 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $122.5M | $326.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $1.1B |
| 总资产 | $5.2B | $1.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FULPLUS
| Q4 25 | — | $326.3M | ||
| Q3 25 | $122.5M | $402.2M | ||
| Q2 25 | $96.8M | $480.2M | ||
| Q4 24 | — | $253.1M | ||
| Q3 24 | $131.4M | $187.5M | ||
| Q2 24 | — | $349.9M | ||
| Q1 24 | $165.2M | — | ||
| Q4 23 | $179.5M | $142.2M |
总债务FULPLUS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | $1.8B | — |
股东权益FULPLUS
| Q4 25 | — | $1.1B | ||
| Q3 25 | $2.0B | $1.0B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q4 24 | — | $962.3M | ||
| Q3 24 | $1.8B | $947.0M | ||
| Q2 24 | — | $921.9M | ||
| Q1 24 | $1.8B | — | ||
| Q4 23 | $1.8B | $877.8M |
总资产FULPLUS
| Q4 25 | — | $1.8B | ||
| Q3 25 | $5.2B | $1.8B | ||
| Q2 25 | $5.1B | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $5.0B | $1.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | $4.7B | — | ||
| Q4 23 | $4.7B | $1.6B |
负债/权益比FULPLUS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 1.05× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $99.0M | $-87.4M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 资本支出强度资本支出/营收 | 3.4% | — |
| 现金转化率经营现金流/净利润 | 1.47× | -2.49× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FULPLUS
| Q4 25 | — | $-87.4M | ||
| Q3 25 | $99.0M | $-34.8M | ||
| Q2 25 | — | $-99.0M | ||
| Q4 24 | — | $65.7M | ||
| Q3 24 | $169.4M | $-21.6M | ||
| Q2 24 | — | $97.1M | ||
| Q1 24 | $47.4M | — | ||
| Q4 23 | $161.7M | $133.2M |
自由现金流FULPLUS
| Q4 25 | — | — | ||
| Q3 25 | $68.9M | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $99.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $4.1M | — | ||
| Q4 23 | $152.1M | — |
自由现金流率FULPLUS
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.5% | — | ||
| Q4 23 | 16.8% | — |
资本支出强度FULPLUS
| Q4 25 | — | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 7.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.3% | — | ||
| Q4 23 | 1.1% | — |
现金转化率FULPLUS
| Q4 25 | — | -2.49× | ||
| Q3 25 | 1.47× | -1.00× | ||
| Q2 25 | — | -2.63× | ||
| Q4 24 | — | 2.72× | ||
| Q3 24 | 3.06× | -0.69× | ||
| Q2 24 | — | 3.55× | ||
| Q1 24 | 1.53× | — | ||
| Q4 23 | 3.59× | 4.88× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
